SBI lowers retail deposit rates

New Delhi: State Bank of India, the country's largest lender, has cut deposit rates by up to 0.50 per cent starting February 18.While deposit rates for maturities of three to five years have been lowered

PTI [ Updated: February 16, 2014 18:05 IST ]

sbi lowers retail deposit rates

New Delhi: State Bank of India, the country's largest lender, has cut deposit rates by up to 0.50 per cent starting February 18.

While deposit rates for maturities of three to five years have been lowered by 0.25 per cent, those for five years and above have been cut by 0.50 per cent, SBI said in a filing to the BSE on Saturday.

The bank currently offers an interest rate of 8.75 per cent for three to five year deposits and 8.5 per cent per annum for deposits exceeding five years.

For bulk deposits of Rs 1 crore and above with a maturity period of 61 days to less than a year, SBI has lowered rates by 0.75 per cent to 7 per cent.